April 20, 2016 / 19:20 CEST
Elmos Semiconductor AG (FSE: ELG) recorded a slight decline in sales in the first quarter of 2016 compared to the prior-year period which was favored by positive cutoff date effects. Sales in the amount of 53.7 million Euro (-2.9% compared to prior-year period / Q1 2015: 55.3 million Euro) also reflect the price discounts usually granted at the turn of the year.
The gross profit reached 19.7 million Euro (Q1 2015: 22.4 million Euro). It was affected by a temporary efficiency deficit in production, especially at the end of the quarter. Corresponding counter-measures have been launched. The gross margin thus came to 36.7% (Q1 2015: 40.5%). Due to lower sales, operating expenses in relation to sales increased slightly (Q1 2016: 35.3% vs. Q1 2015: 34.8%). Operating income before other operating expenses/income reached 0.7 million Euro in the reporting period (Q1 2015: 3.2 million Euro). The EBIT was burdened by exchange rate losses in the amount of 0.5 million Euro and dropped to 0.8 million Euro as compared to 6.3 million Euro in the prior-year quarter which benefited from exchange rate gains in the amount of 2.9 million Euro. The EBIT margin thus came to 1.5% in the first quarter of 2016 (Q1 2015: 11.5%).
Elmos confirms its guidance 2016 and expects a sales growth rate of 2% to 6% in 2016 compared to the previous year. The EBIT margin is anticipated at around 10%. The capex ratio is scheduled to be less than 12% of sales. Furthermore, Elmos will generate a positive adjusted free cash flow* once again. The forecast is based on an exchange rate of 1.10 USD/EUR.
* Cash flow from operating activities less capital expenditures for intangible assets and property, plant and equipment, less payments for investments, plus disposal of investments
Elmos Semiconductor AG
Janina Rosenbaum, Head of Investor Relations, Fon: +49231‐7549‐287
Mathias Kukla, Press Relations, Fon: +49231‐7549‐199
This release contains forward-looking statements that are based on assumptions and estimates made by the Elmos management. Even though we assume the underlying expectations of the forward-looking statements to be realistic, we cannot guarantee the expectations will prove right. The assumptions may carry risks and uncertainties, and as a result actual events may differ materially from the forward-looking statements. Among the factors that could cause such differences are changes in general economic and business conditions, fluctuations of exchange rates and interest rates, the introduction of competing products, lack of acceptance of new products, and changes in business strategy. Elmos neither intends nor assumes any obligation to update its statements with respect to future events.